SUI’s Price Hangs on a Thread as It Rests on a Key Support Level

Sui (SUI) was one of the many cryptos in the red today according to the crypto market tracking website, CoinMarketCap. At press time, the altcoin’s price stood at $1.12 following a 1.35% drop in the past 24 hours.

In addition to weakening against the Dollar, SUI’s price also dropped against the market leaders Bitcoin (BTC) and Ethereum (ETH). As a result, it was down 1.35% against BTC and 1.65% against ETH. Furthermore, the crypto was trading very close to its daily low of $1.11.

4-hour chart for SUI/USDT (Source: TradingView)

At press time, SUI’s price was resting near a key support level at $1.1181, and technical indicators suggested that it would flip the support into resistance in the next 24 hours. The 9 EMA line on the 4-hour chart was trading bearishly below the longer 20 EMA line. In addition, the RSI line was trading bearishly below the RSI SMA line.

This bearish move looked as if it was coming to an end, since the RSI line was looking to cross above the RSI SMA line. Should this cross happen, it would signal that bulls successfully defended the support level.

Given the fact that SUI was trading below the 9 and 20 EMA lines on its 4-hour chart, traders may want to wait for it to reclaim a position above the 2 EMA levels before entering into a long position. On the other hand, SUI dropping below $1.1181 would be a signal to short the altcoin, as its price will likely drop to $1.0768.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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